It was rumored since the end of last month and now the Apple Card — previously rumored as the Apple Credit Card — is official. Apple defines it as “a new kind of credit card created by Apple”, but don’t think of it as plastic. The Apple Card is built into your Apple Wallet app on the iPhone, and offers a similar experience to Apple Pay, with the extra ability to manage the card right on the iPhone.

Apple Card transforms the entire credit card experience by simplifying the application process, eliminating fees, encouraging customers to pay less interest and providing a new level of privacy and security

Apple Card will be available in the United States later this summer, and will offer “a clearer and more compelling rewards program than other credit cards”. Daily Cash will gives users back a percentage of every purchase as cash on customers’ Apple Cash card each day.

Apple Card builds on the tremendous success of Apple Pay and delivers new experiences only possible with the power of iPhone. Apple Card is designed to help customers lead a healthier financial life, which starts with a better understanding of their spending so they can make smarter choices with their money, transparency to help them understand how much it will cost if they want to pay over time and ways to help them pay down their balance — Jennifer Bailey, Apple’s vice president of Apple Pay

You will be able to apply for an Apple Card straight from the Apple Wallet app on your iPhone. It will be easy to obtain and owners will be able to use it right-away, with the added benefits of seeing real time information on transactions and balance.

For every purchase with the Apple Card and Apple Pay, you will receive 2 percent back in Daily Cash. If that purchase is from Apple, you will also get 3 percent Daily Cash if said purchases is made directly from Apple, including Apple Stores, on the App Store and for Apple services.

The best thing about Apple Card is that there are no fees, according to Apple, whatsoever. No annual, late, international or over-the-limit fees. The press release specifically mentions that “Apple Card’s goal is to provide interest rates that are among the lowest in the industry and if a customer misses a payment, they will not be charged a penalty rate“.

You can read more about the Apple Card at the source link below.

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